Fire your tax related queries and i would get it solved!!!

[vinay8483]

Thank sir for reply to my previous queries.
I have a question ,How do maintain books of account in F&O,Intraday.I use reliancemoney to trade.DO the excel report by them considered as book of account?please let me knwo.thanks

 

[diosys]

Thank sir for reply to my previous queries.
I have a question ,How do maintain books of account in F&O,Intraday.I use reliancemoney to trade.DO the excel report by them considered as book of account?please let me knwo.thanks

No dear....these are not books of accounts...

Books of accounts means, Cash Book, Day Book, Ledger....These would be needed to be maintained by an accountant unless you know how to write books.

 

[vinay8483]

hi,

thanks for reply

is it easy enough to maintain books of account,if yes where can i find the resouce to guide on this like any software or book etc.
Can i write books of account at end of year.I am salaried and trade in F&O so should i give up F&O on this basis it seems comlex to me.Please guide

 

[diosys]

hi,

thanks for reply

is it easy enough to maintain books of account,if yes where can i find the resouce to guide on this like any software or book etc.
Can i write books of account at end of year.I am salaried and trade in F&O so should i give up F&O on this basis it seems comlex to me.Please guide

Dear vinay,

Do you make money in trading in F&O, if yes then there is no point in giving up....

Hire an accountant...he would have the adequate software....give him 5 to 10K and he would write the books for you without any hassel...

 

[vinay8483]

Thanks much,

I just started to trade in F&O and could make good money.
Can book writing be done at end of the year i mean financial year,or what is the interval it should be done.

 

[diosys]

Thanks much,

I just started to trade in F&O and could make good money.
Can book writing be done at end of the year i mean financial year,or what is the interval it should be done.

Books generally should be written regularly so that any discrepancy can be sorted out within the same financial year....

There is no such compulsion in law....You can write the books after the FY closes...your choice

 

[vinay8483]

Thank you so much.
Its indeed a great help from you.I wonder if you have any ***** or ***** id and you be available online during trading hours

Thanks so much.

 

[vinay8483]

I thnk this forum do not allow to ask email ids so the * is displayed in above message.

 

[ajit123]

hello,
i am a salaried person with income more than 5 lakhs.
i day trade in f&o segment and am earning around 2 to 5000 daily.
is this income added to the total income and taxed 30%,or it will be separate
and taxed at 10%.also total income per year from this is the arithmatic sum of profit and losses or only profits are counted.presently i am filing the tax only on my salary, is it an offence.
thanks

 

[diosys]

Thank you so much.
Its indeed a great help from you.I wonder if you have any ***** or ***** id and you be available online during trading hours

Thanks so much.

I am here....very much....whenever you want i can reply to you here also....

actually this might help someone else also....which is not possible in one to one case.